- Politics and Social Issues
A Progressive View:The Conservative Mindset-The Wells Fargo Affair
I read a recent article from the Wall Street Journal with the banner headline that Wells Fargo Settles Lending Bias Cases. Wells Fargo, the nation's largest mortgage lender, will pay at least $175 million to settle allegations that the company discriminated against black and Hispanic borrowers. For those of you who doubt my veracity on this check out
For all the rightwingers out there, we all know that the Wall Street Journal is hardly a left wing rag. The fact is that Wells Fargo and Bank of America have been guilty of targeting minorities for sub prime loans even when their credit would qualify them for a conventional loan. We have major institutions like this taking advantage and conservatives tell me that there is too much regulation. Now that is bovine excrement if there ever was such.
I have to listen to all this nonsense from them blaming Barney Frank, the liberal media and saying that the government compelled these ‘poor banks’ to lend to unqualified minorities at a loss to themselves. These silly people actually want to blame the Attorney General and the Department of Justice for beating up on these bankers. I never knew a banker that was in business to lose money. Why target blacks and Hispanics for any other reason outside of their race or ethnicity? Wells Fargo says that it was not involved in wrong doing, but they are paying a pretty penny, someone must be guilty of something. What bank is going to lend me money for a mortgage if I could not afford it, unless they have some scam going on the backside? It is the responsibility of the bank, protecting itself and its shareholders to properly vet applications and fairly and consistently apply a standard to determine eligibility. All this talk about personal responsibility and such is just so much BS. These people used their superior knowledge to take advantage and for this they must pay the penalty. Of course, I want the house, but it is the banker’s job to insure that I am qualified to buy it.
Conservatives say that Well Fargo paid to avoid litigation that they were afraid that they would lose, rather than accept the more logical and rational premise that these institutions are guilty of discrimination as it conflicts with their trumpeting of a post-racial society. The conservative lies like a rug every single time they open their mouths. Conservatives spend so much time trying to spin away from what is so obvious to most of us. That is why I don’t trust them and when they say yin, I reflexively say, yang. That basic distrust extends to everything they advocate. If it appears reasonable on the surface, I am naturally disbelieving and want to read the fine print. I see this as an attack from those at the commercial apex of our society, unwarranted and unjustified. For the rightwinger that continues to make excuses for the abuses by corporate America and financial community we are going to be eternally at odds. That is why it is easier for the right to try to disenfranchise those that will not play along, rather then to try to win on the merit of their ideas.
I am most disappointed.